Project Hope of Eastern CT Inc

Analysis

Project Hope of Eastern CT Inc is a registered charity in United States, based in Willimantic, CT. It received its IRS tax-exemption ruling in December 2004, 22 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2023, Project Hope of Eastern CT Inc reported income of $365k and spending of $397k, spending 109% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income grew from $262k to $365k (+39%), an average of +12% a year. The sharpest change came in the year to June 2022, when income rose by 110%. Over the whole period it spent 71% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Project Hope of Eastern CT Inc sits at the 50th percentile: it is larger than about 50% of them. Against every charity in United States with reported income it ranks in the 65th percentile, and in the 62nd percentile within CT. Charities of a similar size with the same main cause include Riverside Episcopal Housing Development Fund Company Inc ($364k), Jeri Hill Housing Corporation ($365k) and Greeley Good Samaritan Housing Inc ($364k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 100% of the total. Compensation of current officers, directors and key employees was $55k (14% of expenses). Other salaries and wages came to $198k. At year end it held assets of $878k against liabilities of $185k, net assets of $693k. It reported 20 employees.